Ford to increase large SUV production in the US
Ford Motor stated it will increase U.S. production of its largest sport utility vehicles in a move to gain profits in a market where consumers favor larger, more comfortable automobiles. Ford’s Kentucky Truck plant in Louisville will boost the production rate for Ford Expedition and Lincoln Navigator sport utility vehicles by 20 percent in July
- Published in Ford
General Motors considers options for its Lyft stake
As Lyft Inc cruises toward an initial public offering in March, one of the big winners will be General Motors, whose stake in the ride-hailing firm could be worth about $1.27 billion. The automaker is not talking about its strategies for that investment, and investors polled by Reuters, owning a collective 35.7 million shares, do
- Published in General Motors
Former UAW vice president charged in corruption investigation
U.S. prosecutors in Detroit charged a former high-ranking United Auto Workers official in charge of the labor union’s association with Fiat Chrysler Automobiles (FCA) of misusing funds for lavish purchases for himself and other union authorities. Norwood Jewell, who headed the UAW’s FCA department from 2014 until his retirement in January last year, was charged
- Published in Chrysler
Trump prompts General Motors to restart Ohio plant
U.S. President Donald Trump prompted General Motors to restart Ohio plant in a tweet on Saturday, ten days after the plant made its final Chevrolet Cruze. The last Cruze rolled off the assembly line this month at the automaker’s plant in Lordstown, Ohio, the first of five plants in North America to finish production this
- Published in General Motors
Ford to cut over 5,000 jobs in Germany, others in UK
U.S. automaker Ford plans to slash over 5,000 jobs in Germany and will decrease its workforce in Britain as well as it seeks to return to profit in Europe, the company stated on Friday. Ford has provided voluntary redundancy programs for workers in Germany and Britain, it stated in a statement. This is part of
- Published in Ford
Signa, RFR Holding buy New York’s Chrysler Building
Austrian real estate company Signa Holding and New York-based real estate developer RFR Holding LLC have bought Manhattan’s iconic Chrysler Building, Signa stated on Friday. Signa and RFR entered into a joint venture to acquire the asset from Abu Dhabi Investment Council and Tishman Speyer, Signa said. Reuters previously in March reported that Signa and
- Published in Chrysler
Ford CEO Jim Hackett earned $17.1 million in 2018
Ford Motor CEO Jim Hackett earned salary, bonus and stock awards of $17.1 million in last year, up from $16.3 million the previous year, while adjusted pretax profit for the car manufacturer dropped $2.6 billion from 2017, the company stated on Friday. Including pensions and perks, Hackett made $17.7 million. The company stated Hackett, who
- Published in Ford
General Motors considers options for its Lyft stake following IPO
As Lyft Inc cruises toward an initial public offering in March, one of the big winners is going to be General Motors, whose stake in the ride-hailing firm could cost as much as $1.27 billion. GM is not discussing about its plans for that investment, and investors surveyed by Reuters, owning a collective 35.7 million
- Published in General Motors
Tesla reveals Model Y, price starts at $39,000
Tesla Inc revealed its Model Y electric sports utility vehicle on Thursday in California, promising a much-awaited crossover that will see competition from European automakers. CEO Elon Musk stated the compact SUV, built on the same design as the Model 3, would first debut in a long-range version with a range of 300 miles (482
- Published in Tesla
SoftBank, Toyota plans to invest $1 billion in Uber’s self-driving unit
A group of investors led by SoftBank Group and Toyota Motor plans to invest $1 billion or more into Uber Technologies Inc’s self-driving vehicle unit, that would value the unit at $5 billion to $10 billion, stated two people familiar with the matter. The investment would give a cash injection for Uber’s self-driving program that
- Published in Uber
Tesla backs off on store closures, plans increasing top-end price
Tesla Inc backtracked its strategy to close all of its U.S. stores and instead will increase prices of its high-end vehicles by about 3 percent on average, as it seeks to earn a profit. The company stated last Sunday that it would now be closing only about half as many stores than what was initially
- Published in Tesla
Self-driving car unit Waymo seeks outside investors
Alphabet Inc’s self-driving car unit, Waymo, has been seeking financing from outside investors including European automakers Volkswagen, The Information reported on Monday, menitoning a person with direct knowledge of the matter. Aside from Volkswagen, other potential investors could consist automakers that now make cars for Waymo – Fiat Chrysler and Jaguar. Alphabet could not be
- Published in Google
Ford CEO tells employees that 2019 will be turning point
Ford Motor CEO Jim Hackett informed workers that 2019 will be the year the 115-year-old automaker turns “the corner toward a really bright future,” in an internal memo observed by The Detroit News. Hackett is carrying out global restructuring that would have Ford spend $11 billion to manage the struggling business units in Europe, South
- Published in Ford
Trump wants to eliminate $7,500 electric-car tax credit
President Donald Trump wants to eliminate the federal tax credit that gives up to $7,500 to buyers of electric cars. In a $4.7 trillion budget proposal for the 2020 fiscal year, Trump stated removing the electric vehicle tax credit that has become a common target for conservative lawmakers in recent times would save $2.5 billion
- Published in American
General Motor’s Cruise unit to double headcount
General Motors’s self-driving car subsidiary, Cruise, stated it prepares to hire 1,000 more people during the next nine months, as the No.1 U.S. carmaker aims to launch a robotaxi service by the end of this year. “We have plans to double in size by the end of this year,” Cruise spokesman Ray Wert informed Reuters.
- Published in General Motors